SPIKE BROKERS DEALS
- corn DAP Odesa, Ukraine, Nov @201$
- corn DAP North Italy, Nov @233€
- sunflower DAP plant, Ukraine, Nov @25’850₴ incl. VAT
- sunflower oil DAP Odesa, Ukraine, Nov @1’095$
- sunflower meal DAP border Ukraine, Jan @244$
GLOBAL NEWS
UKRAINE
- As of October 28, winter crops in Ukraine were sown as follows: wheat – 4,128 thousand hectares (92%), barley – 486 thousand hectares (76%), rapeseed – 1,053 thousand hectares (94%).
- As of October 31, late crops have been harvested in Ukraine: sunflower – 9.59 million tons (from 94% of the area), soybeans – 5.72 million tons (from 95% of the area), corn – 18.29 million tons (from 76% of the area).
- In October, Ukraine’s exports of grains, oilseeds, and their processed products amounted to: corn – 1,916 thousand tons, wheat – 1,642 thousand tons, barley – 376.4 thousand tons, soybeans – 675 thousand tons, rapeseed – 476.3 thousand tons, sunflower seeds – 16.2 thousand tons, sunflower oil – 481.2 thousand tons, soybean oil – 43.2 thousand tons, and meal (soybean and sunflower) – 474.2 thousand tons.
- A new minimum export price system for grains and oilseeds is expected to be effective in early December.
WORLD
- In Brazil, soybean acreage for the 2024/25 marketing year is expected to increase by 1.5% to 47 million hectares compared to last season. Production is projected at 167 million tons, up from 153 million tons in the 2023/24 marketing year.
- In the U.S., winter wheat planting has slowed slightly. As of October 27, 80% of the planting was completed, below last year’s level of 82% and the 5-year average of 84%.
- Harvesting rates for corn and soybeans in the U.S. remain high. As of October 27, corn harvest completion was 81% (compared to 68% on the same date last year), while soybean harvest completion was 89% (compared to 82%).
EUROPE
- From July 1 to October 29, corn imports to the EU reached 6.37 million tons, an increase of 8% compared to the same period last year. Ukraine’s share of total imports is decreasing due to high competition and now stands at 47.3%. At the beginning of October, this figure was 50%. The shares of the U.S. and Brazil increased on average by 2% over the month to 18.9% and 18.4%, respectively.
COMMODITY MARKET
CORN
The European market continues to be saturated with corn from Ukraine, the U.S., and Brazil, which is directly impacting prices. As a result, prices dropped by an average of $5-6 over the week. Currently, supply from exporters exceeds European demand. Additionally, the physical market is affected by a significant price drop on the MATIF exchange, where prices declined by nearly 10 euros over the week.
In Ukraine, prices have remained relatively stable over the week, with moderate grain supply from farmers.
Market bids:
- DAP Ukraine (Odesa) ~196-199$
- DAP Ukraine (Danube) ~202-205$
- FCA Ukraine (border) ~186-190€
- DAP Italy (North) ~225-230€
- DAP The Netherlands (Central) ~215-220€
- CIF Turkey (port) ~230-232$
WHEAT
Wheat prices in the European market have declined. High supply and low demand are putting pressure on the market. The physical market is also influenced by a decrease in futures on global exchanges.
In Ukraine, the situation is different. Wheat prices remained nearly unchanged over the week. The supply of food-grade wheat remains limited, while farmers are gradually selling feed-grade wheat.
From July 1 to October 30, wheat exports from Ukraine amounted to approximately 7.6 million tons, nearly 39% more than the same period last year.
Market bids:
- DAP Ukraine (Odesa) 11.5pro ~213-215$
- DAP Ukraine (Odesa) 10.5pro ~209-210$
- DAP Ukraine (Odesa) feed ~204-206$
- DAP The Netherlands (Central) feed ~215-220€
- DAP Italy (North) 11.0pro ~235-238€
- DAP Italy (North) feed ~220-225€
SUNFLOWER
Sunflower prices in Ukraine continued to rise this week. Demand from processing plants remains high, but farmer supply is still limited, despite nearly the entire sunflower harvest being completed. Producers are reluctant to sell sunflowers, especially those with high oil content, as they wait for even higher prices. The market continues to favor buyers. Sunflower oil prices increased by an average of $15-20 in Odesa ports over the week.
Market bids for sunflower:
- DAP Ukraine (plant) ~550-570$
- DAP Bulgaria (Central) ~605-610$
- CIF Bulgaria (port) ~595-600$
SOYBEANS
Demand in the EU remains strong, but prices have seen little change due to high supply from North and South America as well as Ukraine. Stable soybean prices in the domestic market are encouraging an increase in domestic processing.
In Ukrainian ports, soybean prices showed a slight increase this week due to rising demand. Farmer supply remains limited, as the majority of the harvested crop is being held in storage, with farmers awaiting further price increases.
Market bids for GMO:
- DAP Ukraine (Odesa) ~385-390$
- DAP Ukraine (border) ~345-350€
- DAP Italy (North) (train) ~395-400€
- DAP Italy (North) (truck) ~400-405€
Market bids for NON-GMO:
- DAP Ukraine (Odesa) ~455-460$
- DAP Ukraine (border) ~395-400€
- DAP Italy (North) ~435-440€